The U.S. Bureau of Labor Statistics reported today that the Consumer Price Index for All Urban Consumers (CPI-U) increased by 0.4% in September, after a rise of 0.6% in August. Over the last 12 months, the all items index has seen an uptick of 3.7% before seasonal adjustments.
Major contributors to the monthly increase include the shelter index, which accounted for over half of the surge, and a rise in the gasoline index. The index for used cars and trucks experienced a dip of 2.5% this month, following a 1.2% decrease in August. The food index continued its upward trend, marking a 0.2% increase, mirroring its growth in the previous two months.
Breaking down the food sector, the index for meats, poultry, fish, and eggs observed a 0.5% increase this month, with pork seeing a notable rise of 1.6%. On the flip side, cereals and bakery products experienced a decrease of 0.4%, its first decline since June 2021, while fruits and vegetables were unchanged.
Sponsored · Altamira Gold Corp.
The energy index meanwhile increased 1.5% in September. Despite the gasoline index seeing a boost of 2.1% in September, the broader energy index has fallen 0.5% year-on-year. Interestingly, the natural gas index witnessed a significant decline, dropping by 19.9% over the same period.
The all items less food and energy index remained consistent, registering a 0.3% growth both in September and August. Here, the shelter index is worthy of note, having risen by 7.2% over the last year and contributing significantly to the overall increase in this category.
Lastly, while the CPI-U rose 3.7% over the past year, the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) saw a slightly lower year-on-year increase of 3.6%. The Chained Consumer Price Index for All Urban Consumers (C-CPI-U) matched the CPI-U’s 3.7% growth over the last 12 months.
Information for this story was found via the Bureau of Labor Statistics. The author has no securities or affiliations related to the organizations discussed. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
